Walmart announced its plan to close its final two locations in Portland, Ore., at the end of March following underwhelming financial results.<\/p>\n
\u201cWe have nearly 5,000 stores across the U.S. and unfortunately some do not meet our financial expectations,\u201d the corporation said in a statement according to KPTV. \u201cWhile our underlying business is strong, these specific stores haven\u2019t performed as well as we hoped.\u201d<\/p>\n
The closures, which will result in nearly 600 employees being laid off, come after a statement by Walmart CEO Doug McMillion in December 2022 noting that record-breaking retail theft had undercut the company\u2019s economic performance of late.<\/p>\n
\u201cTheft is an issue. It\u2019s higher than what it has historically been,\u201d McMillon told CNBC. Prices \u201cwill be higher and\/or stores will close,\u201d the executive added if Oregon authorities failed to address rampant shoplifting.<\/p>\n
Companies shuttering stores in Portland has become increasingly common. Last year a clothing store, Raind PDX, shut down operations with the company specifically citing the cost of doing business in the wake of historic retail theft.<\/p>\n
\u201cSmall businesses (and large) cannot sustain doing business, in our city\u2019s current state. We have no protection, or recourse, against the criminal behavior that goes unpunished,\u201d a letter posted on the company\u2019s store read. \u201cOur city is in peril.\u201d<\/p>\n
Read more at: news.yahoo.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Walmart announced its plan to close its final two locations in Portland, Ore., at the end of March following underwhelming financial results. \u201cWe have nearly 5,000 stores across the U.S. and unfortunately some do not meet our financial expectations,\u201d the corporation said in a statement according to KPTV. \u201cWhile our underlying business is strong, these … Continue reading Walmart Set to Close All Stores in Portland amid Record-Breaking Retail Theft<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":21342,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[17],"tags":[],"class_list":["post-23996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-black-horse"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-content\/uploads\/2022\/09\/black_horse_blog-300x100-300x100-1.jpg","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8fAkI-6f2","_links":{"self":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts\/23996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/comments?post=23996"}],"version-history":[{"count":1,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts\/23996\/revisions"}],"predecessor-version":[{"id":23997,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts\/23996\/revisions\/23997"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/media\/21342"}],"wp:attachment":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/media?parent=23996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/categories?post=23996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/tags?post=23996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}